Most of us at some point or another regret having made a purchase.
Here are some strategies to help you manage your shopper's impulse:
- Wait 24 hours before your make the purchase. Write down all the details, take it home, and test out your shopping skills on the net. Went to Blockbuster, saw a DVD of Deepak Chopra for $29. Waited 24 hours. Found it on Half.com for $8.
- If you have to buy it on a credit card, calculate the cost plus the interest X the time it will take you to pay it off. Here is a calculator you can use. This calculator shows you how long it would take to pay off an item on a credit card, if you made the min. payment. If your lovely dress costs you $350, it would take you 51 months to pay it off, long past the useful life of the dress.
- Ask yourself: How long will this purchase make me happy? If your answer is less than a month, skip it.
- Leave your credit card at home when you go shopping. It reduces the chances of impulse shopping.
- If you are a clothing or shoe shopper (like me), before you make the trip to the mall, fill up a bag of clothing or shoes you haven't worn for 2 years and donate it to a charity. Donating is said to increase serotonin, which is said to balance dopamine, the urge to change!!
- Have a specific date each year where you treat yourself to a luxury item.
Mina N. Sirkin is a Family Wealth Lawyer and a TV Legal Expert in Los Angeles, CA. Ms. Sirkin is Certified as a Specialist Attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California. MSirkin@SirkinLaw.com. http://www.SirkinLaw.com.
Copyright 2008 Mina N. Sirkin
